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EMI Calculator
Your Monthly EMI
₹0
Total Interest: ₹0
Total Payment: ₹0
Smart Tip
Consider rounding up your EMI payments to reduce your loan tenure and save on interest.
ROI Calculator
Effective Rate of Interest
0%
Smart Tip
Compare this rate with other lenders to ensure you’re getting the best deal.
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Calculation Formulas
EMI Calculation Formula:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate/12/100)
n = Loan tenure in months
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
Where:
P = Principal loan amount
r = Monthly interest rate (annual rate/12/100)
n = Loan tenure in months
ROI Calculation Method:
The ROI is calculated using a binary search algorithm that finds the interest rate where:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
The algorithm iteratively adjusts the interest rate until the calculated EMI matches the provided EMI amount.
The ROI is calculated using a binary search algorithm that finds the interest rate where:
EMI = [P × r × (1 + r)^n] / [(1 + r)^n – 1]
The algorithm iteratively adjusts the interest rate until the calculated EMI matches the provided EMI amount.
About EMI
- EMI stands for Equated Monthly Installment
- Includes both principal and interest components
- Remains constant throughout the loan tenure
- Early in the loan, more of your payment goes toward interest
Smart Tips
- Shorter tenures mean higher EMIs but lower total interest
- Even small increases in EMI can significantly reduce loan tenure
- Compare rates from multiple lenders before borrowing
- Consider prepayment options to save on interest
Common Mistakes
- Not accounting for processing fees and other charges
- Focusing only on EMI without considering total interest
- Not comparing floating vs. fixed interest rates
- Overlooking prepayment penalties